Put content of file into variables

How to put a line of strings (with some white spaces in between) from a file into variables?

I have tried the following codes. However, the content is cut by space (not by line)

for i in `cat ${source_file}`
do
echo $i
done

Please comment. Thanks.

IFS=""
for i in `cat ${source_file}`
do
echo $i
done

John Arackal

Here is a solution without changing the IFS and getting rid of UUOC.

while read line
do
  echo "$line"
done < ${source_file}